Betfair Sells Off Betfair Australasia Interest

Australian land based casino Crown Resorts launched a joint venture with Betfair in 2004, Betfair Australasia, and now has gained fill ownership of the company. Crown Resorts acquired Betfair's 50 percent interest for a A$10 million pricetag. Betfair said in a statement: “Betfair has concurrently entered into an agreement with Crown to continue to provide its betting exchange in Australasia under a B2B model and will receive a share of revenues generated by the exchange in those markets. Under the agreement, customers of Betfair and Crown will continue to benefit from pooled liquidity arrangements.” Betfair CEO Breon Corcoran said, “We are pleased to have signed a long term agreement that facilitates Betfair's continued participation in the fast growing, licensed Australian market alongside a partner with a strong local presence. This represents an extension of Betfair's B2B operations and is a new and profitable operating model for the exchange.”